The Acera rear derailleur will not be compatible with 10 or 11 speed. The cable pull ratio is the same for 7/8/9 speed, but went to a different ratio for 10 speed, and it's a different ratio still for 11 speed. So you'll need a 10 speed shifter, 10 speed chain, 10 speed cassette, and 10 speed derailleur. If you're losing the front crankset for a 1x crank, you should be okay there, but you'd very likely need to replace the front crankset for one with narrower rings (a 10 speed chain probably won't mesh well with the fatter rings designed for the wider 8 speed chain). Regarding the hub, a 10 speed cassette should fit no problem on your hub, but I think 11 speed is wider, so you may need a new hub and/or adapter.
Depending on the type of bike you bought, you probably would still save money by upgrading this one, depending on how you did it. Ideally, you could find someone locally selling a 10 or 11 speed drivetrain used (maybe they're upgrading to 12, etc.). There are also drivetrain packages you can buy new.
This website has a few collections with prices to give you an idea regarding rough order of magnitude.